LINDIS RETAIL PARK - Allsop
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LINDIS RETAIL PARK Lincoln RETAIL WAREHOUSE INVESTMENT
LINDIS RETAIL PARK, LN6 7JL
Lincoln
Retail Warehouse Investment
A46 to Newark
Nottingham
FOODHALL
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to nR
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Tri
0 03
B1
Lincoln City Centre Lincoln Central
Site outline for identification purposes only.
LINDIS RETAIL PARK, LN6 7JL
Lincoln
Retail Warehouse Investment
Investment Considerations Proposal
O Regionally dominant retail park located in Lincoln situated O There is demised car parking to the front of the units O We are instructed to seek offers in excess of
adjacent to a 140,500 sq ft Sainsbury’s providing a total of 267 spaces £4,500,000 (Four Million, Five Hundred
O The property is fully let and comprises 4 units totalling O The property is held freehold Thousand Pounds), subject to contract and
44,746 sq ft GIA exclusive of VAT. A purchase at this level shows
O AWULT of 6.57 years to break 6.88 to expiry
O The property benefits from Open A1 (including food) a net initial yield of 10.9% assuming purchaser’s
O Total rent of £523,230 per annum equating to costs of 6.58%.
planning consent
£11.69 per sq ft
O Strong tenant line up of Matalan, Domino’s, Iceland
O Large catchment population of 89,080 within a 10 minute
(t/a The Food Warehouse) and Poundstretcher
drive time and 164,478 within a 20 minute drive time
(t/a Bargain Buys)
LINDIS RETAIL PARK, LN6 7JL
Lincoln
Retail Warehouse Investment
A1(M) HULL
A635 M62 A63
A1041 A1033
M62
A628 A19
A15
DONCASTER SCUNTHORPE A180 Location and Situation The city benefits from good road communications:-
GRIMSBY
A635
M180
Lincoln is an attractive cathedral city situated in East • A57 provides access to Sheffield and the A1 to the west.
Doncaster Humberside A1173
Sheffield Airport Airport
Anglia. The city serves as the principal administrative • A46 provides access to the A1, Nottingham and Leicester
ROTHERHAM A46
A18
and shopping centre in the county of Lincolnshire and to the south west.
A638
A15
• A15 provides access to Peterborough to the south and
A61 M18
is considered the largest urban area within the county.
A1103 Scunthorpe to the north.
SHEFFIELD
A57 A156
MARKET RASEN Lincoln is located approximately 32 miles north east
of Nottingham, 46 miles east of Sheffield and 120 miles
WORKSOP
A46 A16
Lincoln mainline station provides regular services to:-
A1(M)
north of London.
A57 A158 • Nottingham - 25 minutes
LINCOLN Lindis Retail Park is prominently located on the western
6
A61
• Sheffield - 1 hour 10 minutes
A4
A614
side of Tritton Road arterial road (A1192), 3.5 miles
A15
M1
SKEGNESS • London Kings Cross - 1 hours 54 minutes
A15
south west of Lincoln city centre. The scheme sits within
A617 A16
a substantial residential area.
Nearby Airports:-
A17
A601
NEWARKONTRENT • Humberside InternationalA15
– 53 minutes
A46
A60
A1(M) SLEAFORD A52 • East Midlands – 1 hour 6 minutes A1
RISEHOLME RD
6
58
• Luton – 2 hours 10 minutes
A4
NOTTINGHAM BOSTON
BUR
M1 A52
A17
TO
A606
NR
A607
AD
OA
A15
A1
RO
D
5 L
AM
LO
NG
EH
ES
INC
CR L
HIL
T TL
GH
L EY
ER
NE
OLN EAST RN B YPASS
Retail Warehousing & NK
6
OU
SR
BU
R
8
OA
RBO
4
12
43
A1
B1
D
A5
B1273 YA
Demographics in Lincoln
7
E
SA
West
6
XIL
Common
A4
BY
RO
A
The total population within the The University of Lincoln has around D B1308 G
R EETWELL ROAD
Lincoln Primary Retail Market Area 14,000 students and 1,600 staff
A5
- 229,000 and is estimated to be worth more 7 B130 8 M ONKS RO AD
than £300m to the local economy.
A1 5
Anticipated to see average growth
A1
2
5
5
A4 Lincoln
in population over 2019-2024 Retail warehouse supply was estimated
43
RE ET T
TOWN
IGH S
at 999,000 sq ft with around 42% on
5 CENTRE
D
B1262 H
AD
ROU G H R O
OA
B1
retail parks. There are eight superstores I N G BO
3
WASH
NR
Car ownership in Lincoln is
78
D I X O N ST B 1190
TO
SK
IT
within the Lincoln area, the largest of
EL
TR
L IN
G
significantly above average 003
UE
TH
CA
O B1
VEN
5
RD
RP
A1
NW
which is a 144,500 sq ft Sainsbury’s E
PARK
R OAD
BIRCHWOOD A
RO
with a high proportion of 2 car
L INC O L
ICK
AD TON
Canwick Hill H ING
HEIG
adjacent to the subject property at
HI L
HA M Golf Course
ULT
households.
L
BO
N EASTERN BYP
Lindis Retail Park. Hartsholme
Country
Park
South
Common
ES
B1
E RIN
Boultham 18
Park
8
LIN
E CO
ATH
V
ROO
A1
DA LN
ASS
N RO
1. LINDIS RETAIL PARK 2. St Marks Retail Park, undergoing 4. Valentine Road Retail Park RL A
5
ST. C
O AD
CANWICK AVENUE
MO
KER Y
redevelopment for student flats Owned by British Land 1
CR
THE PROPERTY B11 S
3
O
90
00
and ancillary retail.
4 34
LA
Total of 131,000 sq ft DO
SO
B1
N
DDIN
E
Total of 185,246 sq ft Owned by Standard Life GTO
’CLIF
A1
NR
Total of 69,000 sq ft
5. Lincoln West Retail Park OA
D
including Sainsbury’s
F HILL
W H ISB Y R OAD D
Owned by Columbia Threadneedle OA 1
KR B 11 3
3. Tritton Retail Park Total of 34,000 sq ft AR
W
NE
Owned by Coal Pension Properties 6. The Carlton Centre 4
43
AD
Total of 122,000 sq ft A1
Owned by Lincolnshire Co-operative
AD
T RO
Hykeham
RD
RO
ST ATI
Total of 97,000 sq ft
AN
A6 0 7 G RA H A M
M
A1
HA
BR 5
ON R
KE
NT
HY
SL
EA
OAD
FO
RD
RO
A
D
D
LINDIS RETAIL PARK, LN6 7JL
Lincoln
Retail Warehouse Investment
Description
The property comprises 4 retail warehouse units of part brick, part steel clad elevations with a steel portal frame
extending to 44,746 sq ft (4,157.0 sq m).
Unit 2 is a standalone retail warehouse, units 3 and 5 provide a terrace with unit 4 to the rear.
The site area is approximately 3.7 acres (1.6 hectares).
Tenure Planning
The property is held freehold. The retail park benefits from Open A1 (including food).
(LPA Ref: LJ18/0061/92; LJ18/0517/93).
© Crown Copyright, ES 100004106. For identification purposes only.
LINDIS RETAIL PARK, LN6 7JL
Lincoln
Retail Warehouse Investment
Tenancy Schedule
The total passing rent is £523,230 per annum which provides an income stream for a weighted average unexpired lease term of 6.57 years to break, 6.88 years to expiry.
The property is let in accordance with the tenancy schedule below:-
Unit Tenant GIA GIA Lease Start Lease Expiry Unexpired Rent Review Rent pa Rent psf Comments
(sq ft) (sq m) (Break) Term
1 Matalan Retail Limited 25,705 2,388.1 29/5/15 28/5/30 9.4 29/5/20 £234,500 £9.12
(t/a Matalan)
2 Iceland Foods Limited 11,250 1,045.2 1/9/15 31/8/25 4.6 - £210,830 £18.59 RPI linked rent review with a cap of 3% and a collar of 1% .
(t/a The Food Warehouse)
3 DP Realty Limited 1,117 103.8 31/8/17 23/6/39 18.4 24/06/24 £17,900 £16.03
(t/a Domino’s) 23/6/30 (9.4)
4 Poundstretcher Limited 6,674 620.0 1.5 - £60,000 £8.99 Heads of Terms have been agreed with Poundstretcher to take a 3 year lease
(t/a Bargain Buys) with an 18 month break option at £60,000 per annum, outside the L&T 1954 Act.
Total 44,746 4,157 £523,230 £11.69
LINDIS RETAIL PARK, LN6 7JL
Lincoln
Retail Warehouse Investment
Covenant Information
Matalan Retail Ltd – Experian Score 98 Very Low Risk
Matalan is a British fashion and homeware retailer operating from 230 UK stores
and 30 International franchise stores within Europe and the Middle East.
24/02/2018 23/02/2019 29/02/2020
Turnover £1,062,500,000 £1,103,900,000 £1,129,400,000
Pre- tax profit £29,800,000 £28,300,000 (£22,000,000)
Total Net Worth £252,600,000 £305,300,000 £280,700,000
Iceland Foods Limited – Experian Score 94 Very Low Risk
Iceland Foods is a British food retailer with over 900 stores throughout the UK, a further 40
owned or franchised stores across Europe, and a global export business.
30/03/2018 29/03/2019 27/02/2020
Turnover £2,972,900,000 33,022,800,000 £3,191,500,000
Pre- tax profit £32,800,000 £31,200,000 £1,400,000
Total Net Worth £774,900,000 £792,900,000 £794,000,000
DP Realty Limited – Experian Score 87 Low Risk
Domino’s Pizza Group is the UK’s leading pizza brand. From the UK’s first Domino’s store
in 1985, it now has over 1,100 stores across six markets, including, Switzerland, Norway
and Iceland.
31/12/2017 30/12/2018 29/12/2019
Turnover £25,569,000 £26,451,000 £27,781,000
Pre- tax profit £531,000 £823,000 £1,093,000
Total Net Worth £3,426,000 £4,002,000 £5,310,000
Poundstretcher Limited
Established in 1981, Poundstretcher is a leading variety discount retailer with over 400
stores nationwide employing over 5,500 people in its network. A CVA was approved
in July 2020 and is part of a wider turnaround plan to restructure its UK store portfolio.
31/03/2017 30/03/2018 29/03/2019
Turnover £397,380,415 £387,442,689 £434,622,967
Pre- tax profit £2,730,262 £2,070,416 (£227,342)
Total Net Worth £19,911,546 £21,574,962 £18,771,313
ePC
Available in the data room.
Vat
The Property is elected for VAT and it is anticipated that the sale will be treated
as a Transfer of a Going Concern.
Anti-money-Laundering
A successful bidder will be required to provide information to satisfy the AML
requirements when Head of Terms are agreed.
dataroom
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/LindisRP
Proposal
We are instructed to seek offers in excess of £4,500,000 (Four Million,
Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level shows a net initial yield of 10.9% assuming purchaser’s
costs of 6.58%.
For further information or to make arrangements for viewing please contact:
Lottie Hayward Siobhan Badman
07817 549 237 07884 814884
lottie.hayward@allsop.co.uk siobhan.badman@allsop.co.uk
allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 02.21
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